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19-37 (LO. 5, 6) For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2021. Traditional IRA Contribution 0 a.
19-37 (LO. 5, 6) For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2021. Traditional IRA Contribution 0 a. Juan, age 41, earns a salary of $28,000 and is not an active participant in any other qualified plan. His wife, Agnes, has no earned income. Juan wishes to contribute as much as possible to his own IRA. b. Abby, age 29, reports earned income of $25,000, and her husband, Sam, has earned income of $2,600. They are not active participants in any other qualified plan. c. Leo's employer makes a contribution of $3,500 to Leo's simplified employee pension plan. Leo is single, has earned income of $32,000, and has AGI of $29,000. 0 0
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